Deals and IPOs

Goldman Sachs buying GE unit's online deposit platform

GE continues its asset sale

Goldman Sachs Bank USA, a unit of Goldman Sachs, has agreed to buy GE Capital Bank's online deposit platform, which includes about $8 billion in online deposit accounts and another $8 billion in brokered certificates of deposit.

GS Bank will acquire no financial assets in the deal other than cash associated with the deposit liabilities.

GE Capital Bank is a Utah state-chartered industrial bank owned by General Electric Capital.

Shares of GE were up slightly in extended-hours trading while Goldman Sachs was down modestly.

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"This transaction achieves greater funding diversification and strengthens the liquidity profile of GS Bank by providing an additional deposit-gathering channel. The establishment of this channel represents the advancement of a key funding objective for the firm," said Liz Beshel Robinson, Goldman Sachs treasurer, in a press release.

As part of the deal, GS Bank will extend offers of employment to "substantially all of GECB's employees dedicated to supporting the online deposit platform." Since this platform is purely digital, the transaction does not include physical assets purchased.

The deal is still subject to regulatory approval.